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How to File Your Taxes in Florida

Florida, the sunshine state, the income tax free state! Floridians are not required to pay state income taxes on personal income.

Florida residents are still required to file a federal income tax return by April 17.

Another thing to keep in mind is that corporations, business and non-profit organizations are required to pay certain taxes. Florida also charges property taxes, so you might want to have a look at the State of Florida’s website to make sure you don’t forget to pay all of your taxes.

Taxes in Florida

Florida has sunshine, Florida has beaches, Florida has Disney World and the Epcot Center. Because of that, Florida residents don’t have to pay state income taxes, they can let the tourist do it for them. Although Florida is very kind in the income tax department, they do charge corporate taxes and property taxes. And to make sure they don’t miss out on any revenue from sales, they charge use tax on purchases made in states with no sales tax.

Property Taxes

If you purchase a home in Florida you will be subject to an annual ad valorem tax based on the taxable value of the property. This tax is levied by your county tax collector. Certain home-owners may qualify for a $25,000 homestead exemption. Contact your local tax authority for more information.

Use Tax

Florida charges a 6% sales tax on all purchases. If you purchase goods out of state and do not pay sales tax at the time of purchase, you are required to pay a use tax to Florida. Use tax is due within 6 months of the purchase date. This includes purchases made online, via mail order catalog or on the phone. Items used for at least 6 months in the state of purchase are not subject to Florida use tax.

Corporate Taxes

Corporate entities, real or artificial, that do business and earn income in Florida (even if the corporation is out of state) are subject to a corporate income tax. Individuals, estates of decedents, testamentary trusts and sole proprietorships are exempt from corporate income taxes.

The amount of taxes a corporation owes is based on the federal taxable income, with any modifications from Florida adjustments and deductions.

To file a corporate income tax return, file form F-1120 (Florida Corporate Income/Franchise and Excise Tax Return).

You may also be eligible for a few corporate tax incentives or community contribution tax credits.

You can find a list of business types, corporate tax credits and forms for filing corporate taxes on the Florida Department of Revenue website.